Visa pushes forward on Paypal's area with Person to person payments
Thursday, March 17, 2011
Visa pushes forward on Paypal's area with Person to person payments
"PayPal is about to get some competition from one of its own partners as Visa announced a new personal payments service on Wednesday. The offering would allow anyone from a participating bank to send payments directly to any Visa account, whether it be a credit, debit, or prepay card.
Visa said it needed to make some changes to its backend to allow its partners to accept incoming payments, as well as changes to the network itself. The creditor has partnered with CashEdge and Fiserv to handle the person-to-person transactions — Visa itself would not be directly involved."
http://techland.time.com/2011/03/17/visa-moves-in-on-paypal%E2%80%99s-turf-with-payment-service/
"Americans with Visa cards will soon be able to transfer money to any other Visa account worldwide, just by entering the amount, the recipient's card number and an email address.
The service isn't unprecedented - Visa already offers something similar in several countries. However, the US roll-out has the scale and branding to change the way customers think about credit cards, and squish the upstart competition which had the insolence to try and step into international money transfer market.
Visa's service will be fronted by CashEdge and Fiserv, though, both of which already offer more limited financial transfer services. They will provide competing brands through which users can manage transfers to any Visa card in the world just by entering the card number along with a mobile phone number or email address.
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http://www.theregister.co.uk/2011/03/17/visa_p2p/
Visa extends personal payments, rivaling PayPal
"The new personal payment service allows users in the United States to send and receive money directly to any eligible Visa credit, debit or prepaid account by entering the recipient's 16-digit Visa account number, mobile phone number or e-mail address, noted a post Wednesday by technology blog site, Ars Technica.
However, to access this service, the user's bank must first be a participating institution in the scheme. The names of the banks taking part have yet to be announced by Visa, the report added.
Visa made its first foray into the person-to-person payments space after implementing technical enhancements to its payment processing network, VisaNet. The credit card company also struck partnerships with two of PayPal's competitors, Fiserv and CashEdge, to offer the payment service via their respective platforms, Ars Technica added."
http://www.zdnetasia.com/visa-extends-personal-payments-rivaling-paypal-62207907.htm
